[PRESIDENT'S DESK] the new Preferential Procurement Regulations published by the National Treasury last week need to be understood. Government remains wholly committed to transformation and empowerment as envisioned in the Constitution. Moneyweb BBBEE
With the advent of democracy in 1994, a key priority of the new government was to transform the economy so that everyone could benefit from the country’s wealth. As a society, we understood that economic transformation could not simply be left to the markets, but would need special interventions to make it happen.
The new regulations have no effect on the Broad-Based Black Economic Empowerment Act, as all organs of state must fully comply with this Act when developing their procurement policies. This Act remains in force as one of the most transformative pieces of legislation to come out of democratic South Africa. Government’s policy framework has not changed with the introduction of these regulations, nor has our commitment to service delivery and black economic empowerment.
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